Tech Stocks Slump Extends Ahead of Inflation Data: Markets Wrap
- Yields on policy-sensitive two-year Treasuries advance
- Bitcoin rises above $30,000 for first time since June
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US stocks lacked conviction, trading in a narrow range as investors braced for inflation data that could signal if the Federal Reserve will once again lift interest-rates.
The tech-heavy Nasdaq 100 slumped 0.7%, sliding for the fifth session of the past six, as traders mulled the likelihood of another rate increase in May. The S&P 500 skidded in the final minutes of the session reversing a 0.4% gain to end the day little changed. This year’s outperformers — namely mega-cap tech stocks — weighed on the benchmark. Yields on US government notes rose with the policy-sensitive two-year at 4.03%.